Nearly half of brokers have used a new lender in the last six months

New research from Principality Building Society has found that in 2025 brokers are significantly more open to using different providers.

In June 2024, just 27% of the brokers surveyed had used a new provider in the last six months. In June 2025, this had increased to 46%. Over the last year, Principality has also seen a 25% increase in those who would consider placing business with the Society in the future.

Reflecting an increasingly competitive environment, the top reasons brokers gave for trying new providers were good rates, better affordability, testing a new provider and strong brand reputation.

The research also tracks the key drivers of broker satisfaction, with the latest report indicating that the current top three drivers are flexible lending criteria, consistency of lending decisions and providing a contact who can respond to questions.

Helen Lewis, national intermediary manager at Principality Intermediaries, said: “Our broker tracker research helps us to shape our products and service to make a real difference for brokers and their clients. Whilst we are delighted with the headlines from the latest round of research, we know that we must continue to evolve to provide a standout service in an increasingly competitive environment.

"The recent strengthening of regional BDM structure will help us to continue to improve our service and give brokers easy access to those who can help them secure a mortgage offer as quickly as possible.”